National Retail Properties, Inc. (NNN) is an integrated real estate investment trust (REIT). NNN’s operations are divided into two primary business segments: investment assets, including real estate assets, mortgages and notes receivable (including structured finance investments) on the consolidated balance sheets and commercial mortgage residual interests (collectively, Investment Assets), and inventory real estate assets (Inventory Assets). Its consolidated subsidiaries include taxable REIT subsidiaries, and their majority-owned and controlled subsidiaries (TRS).